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What Is Litecoin (LTC)?

Litecoin ( LTC ) is a cryptocurrency that was designed to provide fast, impregnable and low-cost payments by leveraging the alone properties of blockchain technology. To learn more about this project, check out our deep dive of Litecoin. The cryptocurrency was created based on the Bitcoin ( BTC ) protocol, but it differs in terms of the hash algorithm used, hard hood, stop transaction times and a few other factors. Litecoin has a parry time of just 2.5 minutes and extremely first gear transaction fees, making it suitable for micro-transactions and point-of-sale payments. Litecoin was released via an open-source customer on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days by and by on Oct. 13, 2011. Since then, it has exploded in both use and acceptance among merchants and has counted among the acme ten-spot cryptocurrencies by grocery store capitalization for most of its being.

The cryptocurrency was created by Charlie Lee, a erstwhile Google employee, who intended Litecoin to be a “ light interpretation of Bitcoin, ” in that it features many of the like properties as Bitcoin—albeit light in weight unit .

Who Are the Founders of Litecoin?

As we previously touched on, Litecoin was founded by Charlie Lee, an early cryptocurrency adoptive parent and a identify held in high regard in the cryptocurrency diligence. Charlie Lee, besides known as “ Chocobo, ” is an early Bitcoin miner and computer scientist, who was a former software engineer for Google. In addition, Charlie Lee held the function of film director of engineering at Coinbase between 2015 and 2017 before moving on to other ventures. nowadays, Charlie Lee is an outspoken recommend of cryptocurrencies and is the managing conductor of the Litecoin Foundation—a non-profit organization that works alongside the Litecoin Core Development team to help advance Litecoin. Besides Lee, the Litecoin Foundation besides includes three other individuals on the board of directors : Xinxi Wang, Alan Austin and Zing Yang — all of which are accomplished in their own correct .

What Makes Litecoin Unique?

Behind Bitcoin, Litecoin is the second most popular pure cryptocurrency. This achiever can be largely attributed to its simplicity and clear utility benefits. As of January 2021, Litecoin is one of the most widely take cryptocurrencies, and more than 2,000 merchants and stores now accept LTC across the earth. Its main benefit comes from its accelerate and cost-effectiveness. Litecoin transactions are typically confirmed in precisely minutes, and transaction fees are closely negligible. This makes it an attractive alternate to Bitcoin in developing countries, where transaction fees may be the deciding component on which cryptocurrency to support. In recently 2020, Litecoin besides saw the let go of of the MimbleWimble ( MW ) testnet, which is used to test Mimblewimble-based confidential transactions on Litecoin. once this feature is available on the mainnet, Litecoin users will besides benefit from greatly enhanced privacy and exchangeability .

Litecoin Mimblewimble Upgrade

Litecoin Foundation announced the long-awaited Mimblewimble extension Block ( MWEB ) upgrade as depart of the Litecoin Core 0.21.2 acquittance campaigner on Jan. 31, 2022. MWEB is “ set to be the largest upgrade to the Litecoin network always, promising to provide exchangeability for all, while improving Litecoin ‘s scalability. ” MWEB will be an opt-in feature, allowing Litecoin to be the “ most fungible, cash-like, cryptocurrency in the space. ” The security and privacy enhancing Taproot upgrade will besides be depart of the core free .

Some Exchanges Delist LTC After MimbleWimble Upgrade

MimbleWimble is an upgrade enabling users to achieve much-needed privacy while transacting on the network. The MimbleWimble promote was first base proposed in November 2019 through a Litecoin Improvement Proposal. At the fourth dimension, the Litecoin developers aimed to far focus on improving anonymity between senders and receivers. Following the MimbleWimble upgrade at Litecoin blocking 2,257,920, users could opt for moe transaction privacy and explore other benefits, including blocks containing less phonograph needle transaction data. More specifically, long transactions are broken down into a single transfer by recording one input-output couple. The MimbleWimble annex Blocks ( MWEB ) upgrade was successfully activated on May 19, 2022. however, the upgrade puts Litecoin in the crosshairs of regulators who do not take kindly to privacy-capable cryptocurrencies.

Some effects of the upgrade became rather apparent when several south korean exchanges started delisting Litecoin from their platforms curtly after the MWEB upgrade went into effect. Upbit, Bithumb, Coinone, Korbit and Gopax have delisted LTC over the MimbleWimble promote, due to how it makes it impossible for these companies to adhere to the Act on the Reporting and Use of Specific Financial Transaction Information. Per South Korean regulation, crypto exchanges need to mitigate money launder and illegitimate activities at all costs. That means removing any currencies that provide users with extra privacy or anonymity .

Check out Bitcoin ( BTC ) — the original cryptocurrency. Check out Nano ( NANO ) — another lightweight, fast cryptocurrency. Get up to date with the latest Litecoin updates and discussion. Want to keep cut of Litecoin price live ? Download the CoinMarketCap mobile app ! Check out CoinMarketCap Alexandria for the latest cryptocurrency news and educational deep dives .

How Many Litecoin (LTC) Coins Are There in Circulation?

Like most proof-of-work ( POW ) cryptocurrencies, the sum of Litecoin in circulation gradually increases with each newly mined block. As of January 2021, 66.245 million LTC have already been mined out of a total maximal add of 84 million. The Litecoin Foundation recently estimated it will be well over 100 years until Litecoin reaches entire dilution ( around the year 2140 ) — since the number of LTC mined per obstruct decreases every four years as separate of the obstruct reward halve schedule. Around 500,000 LTC was instamined on day one after the LTC genesis block was mined and Charlie Lee and presumably other early Litecoin developers were among the first miners. Despite this, as a fairly distributed asset, the Litecoin developers or Charlie Lee do not receive any conduct profits from the process of Litecoin—other than anything they may earn as separate of the even mining process. When Litecoin listed on several markets in 2011, the Litecoin price hit $ 0.30. then, from November to December 2013, it went on a massive taurus run, with Litecoin monetary value hitting a high of $ 44.73. however, the bear commercialize and Mt. Gox hack caused Litecoin prices to crash in 2014, and prices consolidated within the $ 2 to $ 4 range for respective years. In November and December of 2017, Litecoin price rallied over 500 % to $ 358.34, on the back of the crypto bull commercialize. Litecoin price hit an all-time high in May 2021, in the latest crypto bull run, which saw it reach $ 386.45 on May 9, 2021 .

How Is the Litecoin Network Secured?

As a blockchain-based cryptocurrency, Litecoin is secured by incredibly strong cryptanalytic defenses — making it practically impossible to crack. Like Bitcoin and several other cryptocurrencies, Litecoin uses the PoW consensus algorithm to ensure transactions are confirmed quickly and without errors. The combine strength of the Litecoin mine net prevents double-spends and a range of early attacks, while ensuring the network has 100 % uptime.

Where Can You Buy Litecoin (LTC)?

Litecoin is one of the few cryptocurrencies with a wide variety of decree trading pairs, and can be exchanged for U.S. dollars ( USD ), korean won ( KRW ), euros ( EUR ) and more when you buy Litecoin. Some of the most big names include Huobi Global, Binance, Coinbase Pro, OKEx and Kraken. Litecoin is one of the few cryptocurrencies with a wide kind of decree trade pairs, and can be exchanged for U.S. dollars ( USD ), korean gain ( KRW ), euros ( EUR ) and more. To check Litecoin price populate in the decree currency of your choice, you can use CoinMarketCap ’ s converter feature immediately on the Litecoin currentness page. alternatively, use the give rally rate converter page. democratic Litecoin price pairs include : LTC/USD, LTC/GBP, LTC/KRW and LTC/EUR .

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